Guide to Claim Insurance for Your Stolen Two-wheeler

When the classic bike bug hits men, there is no stopping them. Maybe they want that bike they dreamed about in college and ride it just like a maverick in a leather jacket. For others, it’s the idea of commuting on their own terms and the freedom that a bike offers that matters the most.

No matter what your reasoning is, the joy of watching your dream bike parked in your garage is truly unmatched. But imagine the horror of becoming a victim of bike theft. It’s a tragic event; however, having a comprehensive two-wheeler insurance policy can help. 

Comprehensive Two-Wheeler Policy Also Covers Theft

A comprehensive policy not just covers third-party liability, yet additionally the damages and losses caused to your two-wheeler and you. Aside from natural calamities, it also covers man-made calamities amongst which ‘theft’ is viewed as a noteworthy one.

However, the coverage that you are eligible for is considered valid only when the claim filed is convincing, complete, and as per the required process. Therefore, in the event of motorbike theft, you need to keep calm and follow these steps to register the claim against theft of your two-wheeler

Register an FIR

As soon as you realize your two-wheeler has been stolen, visit the nearest police station and register an FIR. First Information Report or the FIR is the foundation of a compelling theft claim and therefore, under any circumstances, you shouldn’t skip this step.

Inform Your Insurance Company

The next step is to inform the insurer soon after. You can call on the helpline number provided on your policy document. Once you have placed a call to your insurance company, it will have its own procedure to kick start. To handle your issue, a ‘Claim Inspector’ will be assigned.  

You must also fill in the two-wheeler insurance claim form and provide all the necessary information, including the details regarding the theft, vehicle number of the stolen bike, two-wheeler insurance policy number, etc. While describing the incident, be as descriptive as possible, co-operate at all levels and answer the questions of the claim officer with utmost honesty.

Intimate the RTO (Road Transport Office)

The Road Transport Office provides you with relevant documents, including transfer papers, which you require in the later stage, and therefore informing them is essential.

Gather all the Documents

After you have informed the relevant authorities, you should begin gathering all the significant documents to make a claim. When you have them all, submit them alongside the duly filed claim form to the insurance company.

Following is the list of important documents that you are required to submit:

  • FIR document (original copy)
  • Transfer papers from RTO
  • Duly filled claim settlement form
  • Insurance policy documents
  • Copy of driving license
  • Copy of the bike's registration certificate
  • Photocopy of the RC book

Submit an Untraceable Report

If your stolen bike is not traceable for over a month, the police will issue the ‘Non-Traceable Report’. You must submit this report to your insurer to start the claim process.

Approval and Settlement

The claim against the stolen bike will be approved and settled once the insurer sees the ‘Non-Traceable Report’ as a valid proof that your two-wheeler can’t be traced. 

You will have to hand over the keys then and provide a letter of subrogation to the insurer. The insurer will scrutinize the situation, and you will be reimbursed with the IDV (Insured Declared Value) of your bike.

Secure Your Prized Possession with a Comprehensive Cover Today!

Two-wheelers have become a significant part of our everyday lives, and subsequently, any loss or damage to it can cause substantial financial loss. However, having comprehensive two-wheeler insurance can play a critical role. It will not only offer coverage in case of damage to your bike but will also help you in the event that it gets stolen.

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